While broader markets are in the red after a fourth successive rate hike from the Federal Reserve, major cyber security names are seeing a meltdown of their own after major disappointments from Rapid 7 (NASDAQ:RPD) and Fortinet (NASDAQ:FTNT). Rapid7 is down nearly 25% today after the company slashed its ARR outlook. It now expects ARR for 2022 to range between $711 million and $717 million as compared to earlier expectations of ARR between $740 million and $750 million. Fortinet is now down about 11.7% after its guidance was a big letdown for investors. While third-quarter numbers showed an uptick of 32.6% in revenue ($1.15 billion) and EPS at $0.
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